Uncertainty over the outlook due to slowing emerging markets, political uncertainty overseas, and falling crude oil prices

「However, the outlook for the global economy remains uncertain due to downside risks to economic activity resulting from US trade policy, the prolonged situation in Ukraine, the emergence of geopolitical risks associated with uncertainty over the situation in Iran, and elevated energy and raw material prices.」

「However, the outlook for the global economy remains uncertain due to downside risks to economic activity resulting from US trade policy, the prolonged situation in Ukraine, the emergence of geopolitical risks associated with uncertainty over the situation in Iran, and elevated energy and raw material prices.」

「However, the outlook for the global economy remains uncertain due to downside risks to economic activity resulting from US trade policy, the prolonged situation in Ukraine, the emergence of geopolitical risks associated with uncertainty over the situation in Iran, and elevated energy and raw material prices.」

「However, the outlook for the global economy remains uncertain due to downside risks to economic activity resulting from US trade policy, the prolonged situation in Ukraine, geopolitical risks in the Middle East, and elevated energy and raw material prices.」

「However, prolonged geopolitical risks, concerns over expanding trade friction due to US trade policy, and elevated energy and raw material prices remain areas of concern, and the outlook remains uncertain.」

「However, the outlook for the global economy remains uncertain due to geopolitical risks in the Middle East, the prolonged war in Ukraine, elevated energy and raw material prices, persistently high interest rates in the US and Europe, and concerns over China's economic outlook.」

「Globally, geopolitical risks in the Middle East, the prolonged war in Ukraine, and elevated energy and raw material prices remain areas of concern. In addition, concerns over an economic slowdown due to monetary tightening in the US and Europe and the slowing trend in China's economic recovery continue to require close monitoring for their impact on the economy.」

「However, the Noto Peninsula earthquake on 1 January, tight labor supply and demand in Japan, the weaker yen, geopolitical risks in the Middle East, the prolonged war in Ukraine, and elevated energy and raw material prices remain areas of concern. In addition, concerns over an economic slowdown due to monetary tightening in the US and Europe and the slowing trend in China's economic recovery continue to require close monitoring for their impact on the economy.」

「During the fiscal year under review, Japan's economy rapidly normalized as restrictions related to COVID-19 were eased. Meanwhile, political instability in the Middle East and the prolonged situation in Ukraine drove energy and raw material prices higher, compounded by yen depreciation, making future developments, including the Bank of Japan's monetary policy, a matter requiring attention. Globally, concerns over an economic slowdown due to monetary tightening in the US and Europe and the slowing trend in China's economic recovery also kept conditions uncertain.」

「During the nine-month period of the fiscal year under review, Japan's economy continued to face uncertainty. Normalization progressed as restrictions related to COVID-19 were eased, but energy and raw material prices surged and then remained elevated due to the prolonged situation in Ukraine, while the yen weakened, concerns grew over an economic slowdown in the US and Europe, and China's economic recovery showed signs of slowing.」

「However, energy and raw material prices remain elevated, while concerns over an economic slowdown in the US and Europe also remain, making this a situation requiring attention.」

「However, the prolonged situation in Ukraine, the resulting surge in raw material prices and shortages of components such as semiconductors remain areas of concern, while the recent failures of US banks and deterioration in the financial condition of European banks also require attention.」

「During the fiscal year under review, Japan experienced a rapid spread of COVID-19 variants from the beginning of 2022, followed by a rapid expansion of political instability after Russia's invasion of Ukraine on 24 February. Subsequently, crude oil prices rose sharply and the yen weakened rapidly due to repeated monetary tightening by the US, while sharp increases in material and food prices also created uncertainty over domestic personal consumption. At the same time, efforts to balance COVID-19 containment with economic activity were making progress.」

「Subsequently, the yen weakened rapidly due to the sharp rise in crude oil prices and repeated monetary tightening by the US, while sharp food price increases further heightened uncertainty over economic conditions, including trends in domestic personal consumption.」

「Although there were initially hopes that the COVID-19 pandemic would subside, infections caused by variants spread rapidly from the beginning of the year, and political instability also expanded rapidly following Russia's invasion of Ukraine on 24 February. Subsequently, the yen weakened rapidly due to the sharp rise in crude oil prices and the US monetary tightening, while food price increases also added to uncertainty over economic conditions, including trends in domestic personal consumption.」

「Although there were initially hopes that the COVID-19 pandemic would subside, infections caused by variants spread rapidly from the beginning of the year, and uncertainty continued. In addition, political instability expanded following Russia's invasion of Ukraine on 24 February, driving a sharp rise in crude oil prices and increasing the factors contributing to uncertainty over economic growth.」

「However, attention should also be paid to the continuing uncertainty arising from concerns over the spread of new variants, rising crude oil prices, the global semiconductor shortage and ongoing confrontation between the US and China.」

「Politically, factors including Japan's House of Representatives election, confrontation between the US and China overseas, and a resurgence of terrorism risks require attention as future risks.」

「Given the nature of its business, the Company operates in a field with limited exposure to matters generally considered likely to be affected by COVID-19, such as crowding, and there have been no interruptions to projects currently under construction as of the present time.」

「However, if the impact of COVID-19 continues for an extended period, it may affect the Company's operating performance.」

「However, concerns have arisen over deterioration in employment and income conditions and a decline in personal consumption, as the spread of COVID-19 has led to a decline in inbound demand and restrictions on corporate activity. Overseas conditions also remained uncertain, as the spread of COVID-19 expanded globally in addition to US-China trade friction, geopolitical risks in the Middle East and North Korea, and turmoil in international financial markets resulting from political confusion in the US and Europe.」

「However, concerns have arisen over deterioration in employment and income conditions and a decline in personal consumption, as the spread of COVID-19 has led to a decline in inbound demand and restrictions on corporate activity. Overseas conditions also remained uncertain, as the spread of COVID-19 expanded globally in addition to US-China trade friction, geopolitical risks in the Middle East and North Korea, and turmoil in international financial markets resulting from political confusion in the US and Europe.」

「However, if the impact of COVID-19 continues for an extended period, it may affect the Company's operating performance.」

「However, the domestic environment remained uncertain as the spread of the novel coronavirus led to a decline in inbound demand and restrictions on corporate activity. Overseas conditions also remained uncertain, as the spread of the novel coronavirus expanded globally in addition to US-China trade friction, geopolitical risks in the Middle East and North Korea, and turmoil in international financial markets resulting from political confusion in the US and Europe.」

「Meanwhile, the outlook remained uncertain due in part to the impact of global economic uncertainty arising from the additional tariffs imposed by the US and China in response to their trade imbalance, the UK's Brexit issue, the outlook for emerging Asian economies, political instability in East Asia, including Japan-South Korea issues, and volatility in the financial and capital markets.」

「Meanwhile, the outlook remained uncertain due in part to the impact of global economic uncertainty arising from the additional tariffs imposed by the US and China in response to their trade imbalance, the UK's Brexit issue, the outlook for emerging Asian economies, political instability in East Asia and volatility in the financial and capital markets.」

「Meanwhile, the outlook remained uncertain due in part to the impact of global economic uncertainty arising from the additional tariffs imposed by the US and China in response to their trade imbalance, the UK's Brexit issue, the outlook for emerging Asian economies, political instability in East Asia and volatility in the financial and capital markets.」

「Meanwhile, the outlook remained uncertain due in part to the impact of global economic uncertainty arising from the additional tariffs imposed by the US and China in response to their trade imbalance, the UK's Brexit issue, the outlook for emerging Asian economies, political instability in East Asia and volatility in the financial and capital markets.」

「Meanwhile, the outlook remained uncertain due in part to the impact of global economic uncertainty arising from the additional tariffs imposed by the US and China in response to their trade imbalance, the outlook for emerging Asian economies, political instability in East Asia and volatility in the financial and capital markets.」

「Meanwhile, the outlook remained uncertain due in part to the impact of global economic uncertainty arising from the additional tariffs imposed by the US and China in response to their trade imbalance, the outlook for emerging Asian economies and political instability in East Asia.」

「Meanwhile, the outlook remained uncertain due in part to the impact of global economic uncertainty arising from the protectionist policies of the US Trump administration, the outlook for the economies of emerging Asian markets, including China, and political instability in East Asia.」

「Meanwhile, the outlook remained uncertain due in part to the impact of global economic uncertainty arising from the protectionist policies of the US Trump administration, the outlook for the economies of emerging Asian markets, including China, and political instability in East Asia.」

「Meanwhile, the outlook remains uncertain due to factors including policy developments under the US Trump administration, the increasing uncertainty surrounding the economies of the euro area and emerging markets, including China, following the UK's decision to leave the European Union, and the impact of overseas political instability, particularly the escalating North Korean issue.」

「Meanwhile, the outlook remains uncertain due to factors including policy developments under the US Trump administration, the increasing uncertainty surrounding the economies of the euro area and emerging markets, including China, following the UK's decision to leave the European Union, and the impact of overseas political instability, particularly the escalating North Korean issue.」

「Meanwhile, the outlook remains uncertain due to factors including policy developments under the new US Trump administration, the increasing uncertainty surrounding the economies of the euro area and emerging markets, including China, following the UK's decision to leave the European Union, and the impact of overseas political instability, particularly in the Middle East.」

「Meanwhile, the outlook remains uncertain due to factors including policy developments under the new US Trump administration, the increasing uncertainty surrounding the economies of the euro area and emerging markets, including China, following the UK's decision to leave the European Union, and the impact of overseas political instability, particularly in the Middle East.」

「Meanwhile, the outlook remains uncertain due to factors including the UK's decision to leave the European Union, the economic slowdown in emerging Asian markets, the impact of political instability overseas, particularly in the Middle East, and the shift in foreign exchange rates from a stronger-yen trend to a weaker-yen trend after the US presidential election.」

「Meanwhile, the outlook remains uncertain due to factors including the UK's decision to leave the European Union, the economic slowdown in emerging Asian markets, the impact of political instability overseas, particularly in the Middle East, and the shift in foreign exchange rates toward a stronger yen.」

「Meanwhile, the outlook remains uncertain, due to factors including the economic slowdown in emerging markets, led by China, the impact of political instability overseas, particularly in the Middle East, and falling crude oil prices.」